State-run Power Sector Assets and Liabilities Management Corp. (PSALM) said Monday it signed a memorandum of agreement (MOA) with the local government unit (LGU) of Naga City in Cebu province for the sale of 466-square-meter in Barangay Colon.
The LGU remitted to PSALM on March 7, 2025 the payment for the purchased asset in the amount of P8.761 million, together with other documentary deliverables stipulated in the MOA signed on January 9, 2025.
PSALM said the parties also executed the deed of transfer for the subject lot.
It said Naga City was planning to develop the lot into an access road to facilitate the construction of a seaport, being part of the city’s ongoing reclamation project.
PSALM said all proceeds from the successful sale of any of its asset would be used to augment the funds needed for the settlement of the corporation’s assumed financial obligations.
The Senate approved on Jan. 20, 2025 Senate Bill No, 2837, extending the corporate life of PSALM by another five years from June 26, 2026.
PSALM was created in 2001 through Republic Act No. 9136, otherwise known as the Electric Power Industry Reform (EPIRA) Act of 2001. It was mandated to manage the assets and liabilities of National Power Corp.